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Ifrs For Smes-Wps Office
Ifrs For Smes-Wps Office
The IFRS for SMEs is intended to apply to the general purpose financial statements of entities
that do not have public accountability (see Section 1 Small and Medium-sized Entities).
The IFRS for SMEs includes mandatory requirements and other material (non-mandatory) that is
a preface, which provides a general introduction to the IFRS for SMEs and explains its
disclosure checklist.
the Basis for Conclusions, which summarises the IASB’s main considerations in reaching
the dissenting opinion of an IASB member who did not agree with the publication of the
IFRS for SMEs.
In the IFRS for SMEs the Glossary is part of the mandatory requirements.
In the IFRS for SMEs there are appendices in Section 21 Provisions and Contingencies,
Section 22 Liabilities and Equity and Section 23 Revenue. Those appendices are non-mandatory
guidance.
provide information about the entity’s financial position, performance and cash flows that is
useful for economic decision-making by a broad range of users who are not in a position to
demand reports tailored to meet their particular information needs. Almost all sections of the
IFRS for SMEs specify disclosures, most of which are presented in the notes to the financial
statements. Moreover, additional disclosures are required when compliance with the specific
requirements in the IFRS for SMEs is insufficient to enable users to understand the effect of
particular transactions, other events and conditions on the entity’s financial position,
financial performance and cash flows (see paragraphs 3.2 and 8.2(c)).
Section 8 Notes to the Financial Statements sets out the principles underlying information that is
to be presented in the notes to the financial statements and how to present it. It specifies the
structure of the notes and requires disclosure of significant accounting policies selected and of
the most sensitive estimates and other judgements made in applying those accounting
policies.
Disclosure of the most important of these judgements enables users of financial statements to
understand better how the accounting policies are applied and to make comparisons between